At 9.1 percent, the cash-flow-to-sales ratio in Austrian manufacturing in 2020 was well below the long-term average of 9.5
percent. According to WIFO's econometric estimations, the cash flow ratio rose to 10.2 percent in 2021. The increase reflects
the recovery from the COVID-19 crisis. Preliminary results for 2022 show a decrease of the earnings power.
